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Switzerland: a platform for global business

Swiss-American Chamber of Commerce, New York, 01.06.2006

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Switzerland is not an isolated island, but rather an open country with a dynamic economy. It has become a major international investor – not only in Europe, but also in the United States and Asia. Although not a member of the European Union (EU), two-thirds of Switzerland’s foreign trade is with the EU. In order to secure its access to the European market in the future, Switzerland concluded two packages of bilateral agreements with the Union. However, pegging the Swiss franc to the euro or adopting the euro as the national currency are not realistic options for Switzerland, as this would lead to the loss of the country’s interest rate advantage and its room for manoeuvre in monetary policy matters.